New rules in December

National

1. Measures for the Implementation of the Private Pension Scheme

Issued 26 October 2022 / in force 26 October 2022

The Measures have eight chapters and 52 articles: general provisions, the procedure for joining, reporting and management of information, management of the private pension fund account, management of institutions and products, disclosure of information, supervision and administration, and supplementary provisions. In particular, they make clear how an individual joins the scheme and how the scheme operates.

Under the Measures, a participant joins the private pension scheme by opening a private pension account on the information platform, either through the unified national online service or through a commercial bank. Contributions are capped at RMB 12,000 a year, and the fund account operates on a closed basis. The state supports the scheme through tax relief, and a participant may obtain the certificate of contributions qualifying for that relief through the unified national online services, such as the national social insurance public service platform, or through a commercial bank.

2. Notice of the China Banking and Insurance Regulatory Commission on Issuing the Measures for the Administration of the Risks of Off-Balance-Sheet Business of Commercial Banks

Published 28 November 2022 / in force 1 January 2023

The Measures cover five matters. They define and classify the off-balance-sheet business of commercial banks and require a bank to follow the principles of full coverage, management by category and risk-based management, so that the risks are kept under control and the business is conducted in compliance. They set out a framework of governance, making clear the duties of the board, the supervisory board and senior management, and those of the business departments, compliance, risk management and accounting, as well as internal and external audit. They set out in detail the requirements for managing risk, providing that such business be brought within the bank's overall risk management system. They require disclosure of information, regulating what is disclosed, how often and in what form, and what must be disclosed about the institutions a bank works with. And they set out supervisory requirements, the regulator supervising the management of these risks on a continuing basis.

3. Measures for the Supervisory Assessment of Corporate Governance of Banking and Insurance Institutions (2022 revision)

Published 28 November 2022 / in force 28 November 2022

The revised Measures have five chapters and 33 articles: general provisions, the content and method of assessment, the procedure and division of work, the results and their use, and supplementary provisions. The revision widens the range of institutions assessed: where the earlier measures covered only commercial banks and commercial insurers, the revision brings rural cooperative banks, financial asset management companies, financial leasing companies, finance companies of enterprise groups, auto finance companies, consumer finance companies and money brokerage companies within the assessment. It also improves the mechanism of assessment, makes the indicators annexed to the Measures more sound, and strengthens the use made of the results.

4. Provisions on the Administration of Deep Synthesis of Internet Information Services

Published 25 November 2022 / in force 10 January 2023

The Provisions define deep synthesis technology, the providers of deep synthesis services and those who supply the technology. They set specific requirements for providers to discharge their primary responsibility for information security, and set out the rules on data and technology management that apply to providers and suppliers alike. They establish labelling requirements and filing duties for providers, and require them to carry out security assessments and to cooperate with supervision and inspection.

5. Measures for the Administration of the Real-Name System for Railway Passenger Tickets (2022)

Published 18 November 2022 / in force 1 January 2023

The revision makes four main changes: the scope of the real-name system is adjusted; the requirements for buying a ticket under a real name are set out in more detail; the rules on checking identity against the ticket are improved; and provisions on legal liability are added, making clear that railway transport companies are to stop conduct that disrupts the real-name system.

6. Interim Measures for the Administration of the Operating Services of App-Based Ride-Hailing Taxis

Published 30 November 2022 / in force 30 November 2022

The Measures abolish the fine for failing to carry the ride-hailing vehicle licence or the driver licence as required, and reduce the fine for operating a ride-hailing service, openly or in disguised form, without those licences. The provision imposing a fine for not carrying the licences is deleted, and the fine for operating without them is reduced.

7. Measures for the Administration of Comprehensive Agricultural Administrative Enforcement

Published 22 November 2022 / in force 1 January 2023

The Measures have six chapters and 45 articles and deal with four matters. They tighten the management of enforcement bodies and personnel, setting out the main duties of the comprehensive agricultural enforcement bodies at provincial, municipal and county level. They regulate enforcement conduct, strengthening the management of agricultural enforcement across the board. They secure the conditions for enforcement, requiring departments at every level to meet the requirement that agricultural enforcement be funded from the public purse and to develop IT systems for enforcement. And they strengthen supervision of enforcement, improving the supervisory mechanism and providing that a department at a higher level is to supervise the enforcement work of the departments and enforcement bodies below it.